- Figure Technology Solutions has submitted confidential paperwork to the U.S. SEC for a proposed IPO expected later this year.
- The move follows a trend of digital asset firms seeking to enter public markets in the U.S. amid favorable regulatory changes.
- Figure was founded by former SoFi CEO Mike Cagney and specializes in blockchain-based financial services.
- The company originated over $16 billion in home equity lines of credit using the Provenance Blockchain.
- In June, Figure announced a merger with Figure Markets, a marketplace that offers a yield-bearing stablecoin.
Figure Technology Solutions filed confidential documents with the U.S. Securities and Exchange Commission (SEC) for a potential initial public offering (IPO) scheduled for later in 2024. The filing is part of the company’s plan to raise capital and expand in the fast-growing digital assets market.
The action places Figure among several cryptocurrency and blockchain firms preparing to go public, including Circle—the issuer of the USDC stablecoin—whose shares surged from $30 to $300 after its Nasdaq debut. Other firms like BitGo, Grayscale, and Bullish have also filed for IPOs as regulatory developments in the U.S. support digital asset companies.
Founded by Mike Cagney, formerly the CEO of SoFi, Figure has become known in the real-world asset (RWA) sector. The company has originated more than $16 billion in home equity lines of credit using the Provenance Blockchain, a decentralized ledger technology designed to improve transparency and efficiency in financial transactions.
In June, Figure reported a merger with Figure Markets, a blockchain-based trade platform also launched by Cagney. Figure Markets issues YDLS, a yield-bearing stablecoin that functions like a tokenized money market fund, aiming to combine elements of traditional finance with blockchain innovation.
The company’s IPO plans reflect optimism in the digital asset sector after changes in U.S. political leadership, with President Donald Trump’s administration signaling a more crypto-friendly regulatory environment. For more information, visit the official announcement.
Earlier this year, Circle (USDC) attracted strong investor interest with a high-profile IPO. Other industry players such as BitGo, an institutional crypto custodian, Grayscale, an asset manager, and Bullish, the owner of CoinDesk, have submitted paperwork to go public amid ongoing sector growth.
For background, the Provenance Blockchain supports real-world assets by recording ownership and transfers on a public ledger, aiming to streamline mortgage and lending processes. Figure continues to expand in both public and private markets while exploring new uses for blockchain technology.
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